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Attorney at Law, Certified Public Accountant |
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Bruce B. Phillips |
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Probate |
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The Probate Process Probate is the legal process of settling one’s estate after death. A petition is filed with the court, and a personal representative is appointed. The personal representative is responsible for collecting and protecting estate assets, paying the decedent’s debts and taxes, and distributing the remaining assets based on the will or as otherwise provided by law. If there is not a personal representative appointed in the decedent’s will, the court will appoint one. Also if there are disagreements regarding the will, administering the estate, or how assets are distributed, the probate court will resolve the differences. When Probate is Not Necessary Assets owned jointly, or assets such as bank or investment accounts and life insurance with a named beneficiary do not go through the probate process. The distribution of these assets therefore will not be determined by the probate process. If an estate includes total assets valued at less than $50,000 and does not include any real estate, the probate process may be necessary. Heirs may be able to collect the property without appointment of a personal representative. Informal Probate Informal process is where the Probate Registrar appoints a personal representative without the matter coming before the court. The informal process cannot be used if the estate is insolvent, if there is disagreement between the heirs or devisees, or if there are other problems or issues with the estate. Formal Probate Formal probate matters come before a District Court Judge, and are either supervised or unsupervised by the court. Formal probate is necessary when the court must make determinations regarding the will or estate, or if there are disagreements between the heirs. In a supervised probate proceeding, the court may require that the personal representative obtain court approval for estate transactions. |
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Bruce B. Phillips Thomas Lake Executive Center 1590 Thomas Center Drive Suite 106 Eagan, MN 55122 |
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Contact Information: |
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Phone: 651-208-2420 Fax: 651-207-4520 E-mail: bruce@bphillipslawoffice.com |
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